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to the treasury. i don't know many member of congress to do that i forget you being a florida state grad. mostst of my friends are gators. >> sorry to hear about that. adam: all seriousness, congress right now, as you depart has a reputation that is at the bottom. i could use all kinds of negative adjectives to describe it. i don't need to tell you. how does congress get the respect it needs to gove back after this craziness which is still not played out, and who gets the blame for this? >> well, understand, that congress is made up of people who have won election in 435 districts. the 50 states with two senators. the american people can decide who they are sending to congress. so, these are duly elected people who represent districts and just because somebody in one distri vote as certain way that somebody in another district doesn't like --. adam: you lose nothing. you're done. you lose nothing by speing truth to the other 434 members. what would you say to them? >> well, i think that we have sho, historically, not just this year but every the decades that congress is not good except if there'
. with the new congress coming in on thursday, if the measure is not passed within that time, it will have to be completely reintroduced in the new congress. republicans are said to me in about five minutes to continue a discussion about whether or not to support the measure that was sent to them by the senate in the early morning hours. some tweaks coming from reporters in the halls of the capital. the political wire says democratic leaders say they will not take up a bill if it is amended by house republicans. "we are done. " a retweet from joe biden says "i think we are going to be fine." a number of different views and issues depending on which party is talking about the fiscal clef. we are going to, of course, keep you updated on the c-span network. in the meantime, take a look back at what senator dick durbin had to say earlier today from the senate floor. >> it was after 2:00 a.m. this morning when the senate finally passed this historic measure, which puts the fiscal cliff behind us, if the house of representatives passes it as well. i hope they take it up today and pass it with th
continues the concerning trend throughout the 112th congress of attempting to address deficit reduction on the backs of middle income workers in the federal government. again by attacking their take-home pay. these are the dedicated folks who work at our v.a. hospitals. they protect our borders. . they run the research facilities and cure deadly disease and they provide services to the defense department, the state department. so these are the people that are doing the hard work, and this is not a way to repay them. again, they are already in the second year of a 2 1/2-year pay freeze. i agree that that pay freeze should apply to me and other members of congress. however, these hardworking federal employees should not be asked to carry even more of this burden. i thank the gentleman for yielding, and i yield back the balance of my time. thank you. the speaker pro tempore: the gentleman yields. the gentleman from california. mr. issa: mr. speaker, i know my friend from virginia means well, but once again he talks about a lack of accomplishment. apparently he has not looked at the work th
is considering the way forward, time is an issue. less than 48 hours from a congress being sworn in. moments ago, senate democratic leadership aide offered a threat saying that the speaker's office was kept apprised as the deal was going forward. no time to ping-pong offers back and forth. he says essentially if house republicans mess with the deal they got overwhelmingly bipartisan support, they will be responsible for the largest tax hike in american history. bret? >> bret: we are just getting word that the senate majority leader harry reid adjourned the senate until noon tomorrow. what are the republicans saying about the possibility of amending the bill and what it means for the future of it if they choose to come out of the meeting and put the spending cuts in the bill. what are they saying about what it means? >> david dryer head of the house rules committee expressed concern about time being a factor. he expressed concern it could kill the bill and you'd have to start over with a new bill in the 113th congress that starts in less than 48 hours so there is concern about that. others are sa
to do with obviously leader there's in congress selling this to their folks and we're waiting to see how that all shakes out. >> okay. keep on it for us, brianna. thank you. hard at work keeping an eye on things. quick reminder, the house democratic caucus meeting scheduled for 15 minutes from now and the conference scheduled for an hour from now. suzanne malveaux continues with newsroom. >>> happy new year. welcome back to "cnn newsroom." i'm suzanne malveaux. we have a lot going on. a deal on the table but not out of the woods yet. all eyes on capitol hill, as the republican controlled -- the house, rather, convening this hour for the fiscal cliff negotiations. now vice president joe biden, he is heading to the hill for talks with the house democrats. this is a critical moment for the country. talking about 12 hours after the deadline for the government action has passed. the senate okayed a deal wee hours of the morning, prevent middle class income taxes from going up but raise rates on income of more than $400,000 a year for individuals, more than $450,000 for couples. now, unemploym
in the medical profession and in the congress that things that we cannot handle it. >> questions from the audience? >> this sounds all great, all new and cool, but if we do not even have essential health benefits and a population that is aging, what is the reality of actually covering any of this? do you have any information on how to get hearing aids covered? >> a great question. who pays? >> i do not know the details of the hearing aids, but everything we are talking about is actually going to cost less and bring more health in the long run. i know that sounds like a congressman speaking. >> hearing aids, they're not willing to cover it. it sounds crazy for an aging population. >> with hearing aids, they will be much healthier and they will cost less. >> daniel, do you have any thoughts on how to go with reimbursement? >> companies like at that, to their credit, are buying these and putting them together. many people stay connected and use simple apps for this. they are recognizing tools for getting cheaper hearing aids for vision and things like that. the trick is, who pays for it.
>> and fiscal standoff at the u.s. congress, with tax hikes and spending cuts. hello. you are watching aljazeera, live from doha. also on the program, bargaining for peace. an effort to end the conflict in afghanistan. a brazen protest in china. activists raid the home of their friend who is being held on house arrest. and ringing in the new year. in spectacular style. we will have a look at celebrations from around the world. welcome to the program. in less than five hours from now, the u.s. is set to fall over the so-called fiscal cliff. congress will not vote by the midnight deadline to avoid spending cuts and tax hikes due on january 1. talks will resume on tuesday. earlier, barack obama said an agreement to avoid this was in sight. >> for now, our most immediate priority is to stop taxes from going up for middle-class families starting tomorrow. i think that is a modest goal that we can accomplish. democrats and republicans in congress have to get this done, but they are not there yet. they are close, but they are not there yet, and one thing we can count on with resp
congress has about 46 hours left to go. this congress unfortunately has been most known for an unwillingness to compromise. an unwillingness to come together to act on behalf of the american people. today is january 1. texas will be going up on everybody in america if we don't act. those who are relying on unemployment insurance to make sure they can support themselves and their families. if we don't act, we will be at risk. vice president joe biden asked to come to a compromise. the definition of compromise has elements in it each party does not like. but by definition, that has things in it each party should like. the speaker said if the senate passed a bill he would put it on the floor for a vote. leader has pointed out we expect that to happen. we think that is the best interest of the american people. we hope our colleagues on the other side of the aisle can reach compromise. our members are reviewing the specifics of the compromise that has been reached to determine whether they can support that compromise read i am hopeful this congress wil will as one os last act
. while there may be agreement at the top, it doesn't necessarily mean it will pass congress. adam: so we are on a 30-yard line with 70 needed for a touchdown. >> there is not a scheduled vote, we don't know if they will vote tonight or tomorrow on this, but it appears a vote at the very least will happen. adam: all right, rich edson live for us on capitol hill. a g.o.p. aide saying the whole thing is done to the vice president, as you can see them not live video, but to arrive in capitol hill for a meeting with democrats to convince them to please support this deal which the aides are telling rich is done. tomorrow the house of representatives convenes in the afternoon but that is assuming we would get a vote tonight in the senate. we are here the fox business network for you and we'll bring you up to speed as soon as any of this breaks although right now we are not scheduled to come back to you until 10:00 p.m. it is new year's eve, millions of people in times square are getting ready for a party. we will let you know if there is something to celebrate from the fox business network, i a
, sewers or water. and we continue our conversations with new members of the 113th congress. tonight the senator-elect from nebraska, republican deb fischer. >> woodruff: that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by moving our economy for 160 years. bnsf, the engine that connects us. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: this turned out to be a long day of waiting for final action on the "fiscal cliff" bill that cleared the senate early today. in the house, the measure ran into republican demands for more spending cuts, and its prospects for passage there dimmed. congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. an
. they're still working but there's no deal expected in congress tonight. and that could mean a steep cost to you and the economy. >>> health scare for secretary of state hillary clinton, hospitalized with a blood clot near her brain. what her doctors are saying tonight. >>> flying high. we all know air travel can be no picnic. but tonight there's some good news. >>> and in with the new. ringing in 2013 all over the world. "nightly news" begins now. >>> from nbc news world headquarters in new york, this is "nbc nightly news" with brian williams. >> good evening, i'm kate snow in tonight for brian, and on this new year's eve, lawmakers may be watching the ball drop from their offices at the u.s. capitol. it has been a day of twists and turns in washington, both procedural and political as the white house and congress tried to find a way to avert those automatic tax and spending measures that kick in midnight tonight. the bottom line at this hour, we are headed over the proverbial fiscal cliff. we say that because the senate hasn't voted on any kind of deal. you see it there live. and t
on thursday, when the new congress is sworn in. you know, i'm betting it will go through because even though there are members on the left and the right that don't like this, move on said that they did not like the bill, there's going to be enough members to have a bipartisan roll call, a rare thing in the house, if, if -- >> and does the house want to be seen as the ones who scuttled middle class tax cuts? >> some in the house do, yes. there are a lot of house republicans who are morally opposed to tax increases, and i think some of them will not agree to any kind of compromise like this, as it essentially is a tax increase, and some democrats didn't like how the deal was constructed, either, but i don't think the overall house will let this go. i think you'll find 118 reluctant votes in the house. a lot of house members don't like the details. many democrats didn't love all the details, but they're going to -- president obama has signed on to the deal, so that's going to push a lot of democrats over the line and they'll get enough votes today to get this passed. >> all right, let's say thi
>>> on the broadcast this new year's day, on the brink. with congress still unable to make up its mind on the fiscal cliff, tonight, many americans are asking, what is going on in washington? >>> secretary hillary clinton still hospitalized with a blood clot. tonight, the latest on her condition and what doctors say you need to know about head injuries. >>> day one, a new year and new rules that could change your life. >>> plus why this new year's day has special significance. >>> and making a difference by learning the art of healing. for these kids, it's just what the doctor ordered. "nightly news" begins now. >>> good evening. i'm kate snow in for brian tonight. it is almost hard to overstate the mess washington finds itself in tonight and the disbelief many americans are expressing on this holiday. as congress fails to agree on taxes and government spending measures that have a direct impact on every single american. this new year's day started right after the ball dropped with a lot of hopeful language. the senate voted after 2:00 a.m. on a bipartisan deal that the president
::"the american people are looking att congress with disdain and rightfully ss. with the deadline of the fisccl cliff only hours away, we failed to to move the economy forward o the middle class." thhehouse is scheduled to come back tomorrow at noon hhre in maryland...the ownerof seeeral restaurant is nervously ann breakthrough. and as john businesssan is worried... what wwll bbein the deal deal they're countinggdown thh king...hates to beethe grinch. but he's received no president...or congress...that fiscal imminent. "i think 2013 will bring a lot off uncertainty and a lot of challenggs."kiig owns severall restaurants ...and ffars... that starting new year'' day...there'll beautomatic the federal payroll tax.(king) "and itts a the board for all of oor empllyees, they''e gging to feel it, their paycheckks going to feel it, we're going percent."king says y that two - ...that...combined with addittonal impleeent...the new health caae law...could be a big setback. (king) "at the end of the day, it looks like it's going to mean us layinggpeoplee off which
distinguished master counter. >> thank you very much, madam leader. 112th congress has about 46 hours left to go. this congress unfortunately has been most known for a unwillingness to compromise, an unwillingness to come together to act on behalf of the american people. today is january 1st. taxes will be going up on everybody in america. in america if we don't act. those relying on unemployment insurance, millions relying on unemployment insurance to make sure they can support themselves and their families. if we don't act, we will be at risk. vice president biden has worked very hard to come to a compromise. by definition a compromise has elements in it that each party does not like, but by definition it has things in it each party should like of the the speaker said that if the senate passed a bill he would put it on the floor for a vote. the leader has pointed out we expect that to happen. we think that's in the best interest of the american people. we hope that our colleagues on the other side of the aisle can reach compromise. our members are reviewing the specifics of the compromise tha
-- the new congress a couple of days from now, so people have speculated, with john boehner be in some sort of jeopardy, he has been in many soft difficulty of the down turn of some of these negotiations. we're not hearing much about that. majority leader harry reid in the senate, he has been critical in getting things done for the president, but in these last 48 hours or so, his role has been a little bit to the sidelines as the vice president has taken center stage for democrats. and has been able to try to bring this deal together, i also saw in the hallways tone, the president's liason of congress. he has been here working on all kinds of issues, he has a lot invested in this too. there will be people who most folks will never know their names, the key staffers who work very close well these leader who's have done most of the heavy lifting to get to a deal. mitch mcconnell, up for re-election in his home state in 204 1 4 and has that to consider as he goes forward as you think about the pressure on republicans to raise taxes in this deal. they are going to acknowledge doing that. that c
the bat -- the fiscal cliff, all reports are that congress can retroactively prevent the tax hikes set to begin today. it has one more day to prevent automatic spending cuts that take in on wednesday. our coverage of this class continues this morning on "washington journal." if you want all along, go to c- we will begin with your take on this emerging deal. democrats -- republican -- independents -- remember to send us a twit -- a tweet at or at the senate voted around 2:00 a.m. eastern time. here are the senators that voted no. michael bennet, democrat of colorado, along with senator tom carper, democrat of delaware, senators grassley, harkin, as well as these four republicans, senators lee, paul, rubio, and shelby. not a boating were senators jim demint, the republican of south carolina. he is retiring. senators kirk and lautenberg as well. here was the reaction from all four house republican leaders. it put this out in a joint statement. here is what they had to say -- the house will honor its commitment to consider
spending cuts in that bill. this will have to happen by noon thursday when this congress ends and the new one is sworn in or the whole thing starts over again. the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is still not done comes to no surprise from everyone you're about to hear from. we traveled to the north side social in arlington with one goal. we asked people for one word to describe congress. >> one word -- >> you guessed it, nonare flattering. >> dysfunctional. >> stubborn. >> silly. >> watching the 112th congress bicker its way through negotiationings leaves people lime tom disappointed. >> i'm adisappointed. >> people like katherine apathetic. >> it seems like a cycle of nonsense. >> it has gotten w
tonight. congress will miss a midnight deadline. it was deadline politician in the nation's capitol set up to be so unappealing. so unacceptable that both sides would have to budge. both sides would have to come to a better, more balanced deficit and debt deal. it's hard to believe but that was almost two years ago. and now, with the clock winding down to the end of to 12, and the end of the fiscal cliff deadline, not a single piece of legislation has passed congress on this. at this hour, vice president biden is set to meet with senate democrats. you are looking live just outside of capitol hill there. we are waiting for his arrival. he will be meeting with senate democrats in hopes of ironing out a mini deal. is he actually trying to sell it to several key democratic senators who are skeptical to say the least. a big union leaders is weighing in as well. is he not happy with what he has heard of the deal so far. we're positioned just outside again for the vice president's arrival. then, inside, just outside the senate chamber, well it, there are the republicans, several senate republican
>>> right now on msnbc, off the cliff. congress misses the midnight deadline. just two hours into the new year, though, the senate votes in favor of a deal to avoid the fiscal cliff. >> the yeas are 89, the nays are 8, 60-vote partial having been achieved, the bill as amended is passed. >> so, now it's all up to the house, where lawmakers will pick up the measure at 12:00 noon today. >>> meantime, in good spirits. doctors report secretary of state hillary clinton is making progress while being treated for a blood clot in her head at new york hospital. >> three, two, one! >> and ringing in 2013. close to a million people packed new york's times square to watch the ball drop and celebrate 2013. good morning, everyone. it is january 1st. welcome to this special new year's edition of "msnbc live." i'm chris jansing. >>> well, we do have a deal, but it's not a done deal just yet. a little bit after 2:00 eastern time this morning, two hours after the u.s. economy officially went over the fiscal cliff, the senate passed a deal to avert its worst effects. the bill passed easily. it w
congress sworn in on thursday, in just two days. if they don't finish this and send it to the president in the next two days, they are going to have to start all over again legislatively. one thing i will tell you is that in this meeting i'm also told it wasn't just concerns about spending cuts. there were a fair number of people, i'm told, who said let's not let the perfect be the enemy of the good and let's just do this and fight another fight down the road and many of those people had a lot of concerns about what happens tomorrow morning and overnight internationally. here in the u.s. tomorrow morning when the markets opens, there's a lot of talk about spooking when the market opens. >> dana, as soon as you get more, let us now. the chairman of the house oversight committee, darrell issa, went to the floor to voice his concerns about the senate's fiscal cliff bill. >> when faced with a mountain of debt that we were heading for, like an airplane, did we climb over it? no. what we're going to do in the present plan is put nearly another trillion dollars worth of debt on the american pe
that gets us by while we tackle the larger issues in the next congress. i pray god that next congress is more willing to compromise than this. >> democrats in the house met with vice president joe biden today. he's urging their support for the deal passed by the senate. the holdup on the other side seems to be a desire for much more in the way of federal spending cuts. it's still a game of wait and see with severe consequences for most americans. being staying on top of the hill and have the very latest for you tonight on the 10:00 news. >> all right. let's join fox 5 political analyst to get more insight on this. mark, how is the president i guess going to claim total victory if in fact he's raising tax rates on the rich but ultimately going up. he said it was 250,000 and now gone up to 4 or 450. >> that's right. plan b, john boehner, the leader of the rublicans offered to do it at a million. in a way, the republicans were defeated in terms of getting it up to a million. they never got a vote. everybody is going to get a tax increase that has nothing to do with this bill because of t
your -- hold your noes vote. if this is the best that you can do for the last day of congress, let's get it done. it will be much more helpful than harmful to get this done. >> reporter: support for this bill does not fall strictly on partisan lines by the way. our colleague is here as we just spoke to another house democrat who does not support this bill. gary? >> james moran of virginia home to 65,000 employees in that district says they will offer about $8 billion in the defense cuts, $6 billion in the non- defense cuts if you go through it all. and he said that he is upset that the bill passed by democrats and the republicans in the senate. and essentially gives away the democrats and their bargaining power by taking revenue and insisting three times for the next three months that we're going to face only discussions about spending cuts. and what hit his district particularly. the meeting today to decide what they need to do and it could be when the republicans are done to come to the house floor with a rule to allow a vote on what they would like to do to amend the city versio
in the republican leadership, this is a binary question for the republican congress. either pass this bill the way it is or amend it to a way that is more likely for house republicans. the option he has not put on the table is go home and leave it be. what you will see in the next 24, 48 -- well, we don't have 72 hours anymore in this congress. what you will see in the next hours is getting through, getting done and getting the president's desk. whether it remains in the current form or not, the question we will have answered tonight. >> what is the collar damage if it gets done? does it matter? does john boehner come out of this weakened or strengthened? >> john boehner's weakness and strength are kind of the same thing. he tends to take a laissez faire approach with his guys, doesn't kick them in the side very often. not able to do that. that makes him popular, means people like him, but it's hard for him to command his troops. i don't think he comes out of this any worse off than before in terms of members of his caucus, they look at him as having created a strategy that is narrowly navigating
or not this is going to be the final deal or finally get through congress. but certainly at this point, after all the twists and turns we've seen over the last couple of months, but certainly over the last couple of days, with mitch mcconnell, trying to get an agreement with harry reid, it has been apparently successful now. joe biden behind closed door with, at least get it through sometime before dawn tonight, and let the house come in and wrestle with it on new year's day, melissa. >> well, as we speak, the vice president is there trying to speak to his own troops, if you will, who may be holding out their votes up for this deal. he has been with them for how long now, and is there any sort of word that you're hearing at all about how it is going? >> well, we haven't heard anything because all the senators, as far as i know have not come out of that meeting. he got up here about 50 minutes ago. he is meeting with those senators now. the $250,000 threshhold that was set forth by the president that the president campaign ed on. many on the left are disappointed that he has given in to a certain
will not double. the deal also knicks a set pay raise for congress. the white house looks to raise tax rates from 35% to 40 pest, but republicans successfully insist that the exemption should be adjusted annually for inflation and increase the exemption for 7.5 million for families and families. the rates on dividendeds and capital gains ride to 20%. for taxpayers earning less than 450,000, it would restore exemptions and personalized deductions. those benefits phasing out for couples earning more than $250,000 a year. single people, more than $200,000. it calls for a permanent fix for the alternative minimum tax, otherwise, we saw many pay their 2012 returns. it would extend tax credits for college tuition and the working poor. >> the amt were important, it was really going to kick that number up. >> that was another yearly crisis. rich people make sure they made more taxes. >> didn't work out. >>> to capitol hill, jonathan allen is the congressional correspondent for politico. did you sleep there last night? i didn't sleep in the capitol, no. i make a rule not to do that. once you start, it's a
than get on board there are peep delight in congress shooting spitballs. >> greg: legitimate criticism is not a spitball. nancy pelosi didn't bother to read it. that is not a spitball if you flow a large portion of the economy going to government that do nothing right. that is not a spitballle just why do republican governors say we're not going to do this. let the fed do this. they said we don't like big government. they should control it. to me this is just like we don't likebe you guys. >> andrea: they can opt out if they don't want to opt out. to me, we have to throw spitballs. a lot of promises were made. taxes wouldn't go up. premiums wouldn't go up. keep your doctor. all of those things not true. i think we will be talking about this story and this decision for years and decades come. just i agree. >> kimberly: this show next year at this time. >> andrea: count it. >> juan: get out of the hot tub before i shrivel. >> greg: hope and bo on "days of our lives" and on and off again. it spent a lot of time thinking about it. to me, the big story that changed the election was mitt dro
. >> one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're supposed to do, they will use that last second. >> and joining us now from capitol hill, democratic congresswoman debby wassermann schultz of florida who also serves as the dnc chair. thank you for joining me. >> thank you, mara. great to be with you. happy new year. >> in about an hour your conference meets on this bill. in attendance will be vice president joe biden. is it going to be difficult to sell your party on this deal? >> well, i think that we're going to come together in about an hour as a democratic caucus and hear the vice president out. there are a lot of good things in this bill that make sense and that i think it will ultimately earn the overwhelming majority of house democratic votes. we made sure that as we committed throughout this last campaign that we would not allow taxes to increase on 98% of americans that's in this deal. we made sure that we pushed off a really significant slashing of defense spending as well as domestic spend
a very tough time passing his plan b through the house so we'll see if he's able to convince his congress members in the house to go along with this deal. but like you said, there's always a budget. and if -- always a butt. there -- always a but. this particular bill does not address any of the spending cuts. that certainly could be a problem when it heads over to the house a little later today. let's take a look at some video that was shot last night. the bill passed in the senate with an overwhelming 89-8 vote. around 2:00 p.m. the legislation keepthe bush era tax cuts for the majority of americans, all those in the middle class, raising taxes though oin comes over $4 -- though, on incomes over $400,000. it stops a scheduled $900 pay raise for congress that was scheduled to take place in march. let's listen to what some folks had to say last night. >> it would extend unemployment insurance to two million americans who are out there still actively looking for a job. >> this shouldn't be the model for how we do things around here but i think we can say we've done some good for the country
!,,,,,,,,,,,,,,,,,, >>> the white house and congress make a deal with the fiscal cliff agreement means for everyone's paycheck. 60 minutes now of 2013, good evening. >> the u.s. senate has reached a deal in the fiscal cliff negotiations. cnn is reporting. >> reporter: lawmakers postautomatic spending cuts. but they did strike a deal on taxes. >> three hours before the midnight dead line senate minority leader mitch mcconnel and joe biden emerge with taxing and spending. >> this is a mini cliff, big cliff still lies in front of us. big cliff. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. far above the $250,000 on which president obama campaigned. those making more will see higher income taxes, capital gains and dividends rates. san francisco tax attorney rob wood says you will notic
>>> you're watching cbs 5 eyewitness news in high definition. >>> the white house and congress make a deal. what the fiscal cliff agreement means for everyone's paycheck. good evening. i'm brian hackney. >> and i'm elizabeth cook. the u.s. senate has reached a deal in the fiscal cliff negotiations. cnn is reporting they just voted to approve it. all the details of the deal and what it means for you and your finances. >> reporter: lawmakers postponed the automatic spending cuts that would have hit the pentagon and other federal agencies this week. they did strike a deal on taxes. three hours before the midnight deadline, senate majority leader mitch mcconnell and vice president joe biden emerged with a compromise on taxes and agreed to wait on slashing spending. >> this was the mini cliff. the big cliff still lies in front of us. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> rep
to stop america going over the so-called fiscal cliff. congress officials have said the house of representatives will not vote before midnight despite tense negotiations to get an agreement signed before midnight washington time. that will trigger a series of automatic spending cuts and tax hikes and could send the country back into recession. >> of america is staring into the economic unknown. there will be some real damage. there are some people deserving far better and we will be scrambling to find budget reductions in we can understand. >> we are upon the fiscal cliff. will we need to focus on is how we find that common ground. ira by -- i believe republicans and democrats alike want to put us on the course to fiscal discipline. >> we are running at a time. americans are threatened with a tax hike in just few hours. i hope we can keep in mind that our single most important goal is to protect middle-class families. >> democrats and republicans in congress have to get this done but they are not there yet. they are closed but not there yet. one thing we can count on with resp
on to the tarmac. >>> the white house and congress reach a deal to avoid the fiscal cliff. what it means for everybody's paychecks. >>> and we'll take you behind the scenes on the biggest new year's eve celebration in town. good evening i'm elizabeth cook. >> i'm brian brian. ken's got the night off. we begin with developing news at the international airport. police pursued this man over the tarmac. he hopped the fence just before 8:00 tonight and started running towards the terminal making it across two runways before police caught up with him. he was out there for 15 minutes. it's not clear exactly what the man's intent was, but does suffer from a mental illness. >>> thousands of partyers are flooding the streets of san francisco. and with a behind the scenes look at the biggest party in town. hi elizabeth. >> reporter: hi. we are still two hours away from the new year, but they are starting to get excited. and and with the wigs, the same thing. new year's eve will be here on the clearest. and i mean hey, i'm a huge giant's fan. it'll be every year for one main thing. the fireworks. je
. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in the u.s. c
is within sight. but it's not done. there are still issues left to resolve, but we're hopeful that congress can get it done. >> senate republican leader mitch mcconnell said the two parties had reached an agreement on taxes. they are believed to have agreed to extend tax cuts for middle income earners. people earning more than $450,000 per year will see their taxes go up. that's far higher than obama's original proposal. they have yet to agree to suspend spending cuts. the democrat led senate is expected to pass the bill on new year's eve. the republican led house says it will not vote on the bill before the midnight deadline. members of congress are expected to work on a stop gap measure to prevent any serious fiscal impact. the fiscal cliff has become a term many people even outside the financial markets are talking about. if the u.s. economy falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in th
. i'm susie gharib. with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how the major averages closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books
problems. >> with this congress that was obviously a little too much to hope for at this time. it may be -- and maybe we can do it in stages. >> negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions, but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this problem. the overall problem. but what i will not agree to is using revenues to replace spending reductions. >> reporter: even if the senate approves the deal by midnight, the house still has to pass the measure before the president can sign it into law. randall pinkston, cbs news, washington. >> that process could take a couple of days but lawmakers say it could be made retroactive but no matter what kind of deal is made, your paycheck will likely shrink in 2013. jessica doyle wi
it to the senate. the senate is scheduled to return at noon tomorrow. thursday at noon there is new congress this whole thing expires. how realistic they get something done and they do amend it and send it to the senate? >> exactly the senate would have to take it up tomorrow. one you play with the proposal, once remove smallest piece of this, democrats say republicans are going back on their deal. senate minority leader mitch mcconnell and vice president biden negotiated details. senators feel if they change it, they are going back on the deal. republicans in the house said they never signed off on the deal, it was between the senate minority leader mitch mcconnell and the vice president and should be able to work its will and change the proposal. diane, as you pointed out they have to get something done through both houses of congress by january 3rd at noon. if not, all these bills and proposals expire and they have to start voting all over again. >> that is all we need, back to the drawing board, right? >> rich. we hear that even though it is called the fiscal cliff or it is nicknamed the
it permanently, the amt. that had long been a an annual chore for congress. extends long-term unemployment benefits and deals with a number of other specifics including tax credits and sets the estate tax individually at $5 million and an additional in tare hans beyond that at 40 o percent. more details as well. for those we turn to chief congressional correspondent mike emanuel following all of this up on capitol hill. mike? >> bret, essentially what this came down to is after senate majority leader harry reid did not return a counter proposal to senate republican leader mitch mcconnell he got on the phone with vice president biden who is known for cutting deals and they worked through the night and senator mcconnell told colleagues he thought he had a deal with the vice president on the whole tax issue and then at the last minute the white house threw in the idea of putting off these automatic cuts set to start in 2013. the sequestration. the across-the-board cuts to defense spending, regardless of merit of program, just slashing each program and also domestic cuts as well. the republica
the bay area and the on new year's eve, little reason to celebrate on capitol hill as congress sends the government over the fiscal cliff. at least for now. the president expressing his frustration at the partisan deadlock over spending cuts and taxes. >>> with this congress, that was obviously too much to hope for at this time. >> reporter: the senate is still expected to vote on the package tonight. but the house has adjourned until noon tomorrow. kron four's dan kerman is here to tell us how this all unfolded and what going over the cliff means for many americans. >> reporter: the house's decision to delay the vote means unemployment checks for 12 million americans could stop or atleast be delayed. it could also mean that federal workers could be furloughed. >> it could also lead to layoffs of private sector employees that sell goods and services to the federal government. now earlier in the day the president was optimistic the cliff could be avoided. here's how the day unfolded. >> if republicans thing that i will continue deficit reduction with only spending cuts alone tha
tock diner, we appro po because the clock has been ticking on congress to make the decision and this is a great diner, not only people from new york are here but people across the world are here. i ran into fazad from l.a. happy new year. >> thank you, happy new year. >> reporter: you're frustrated how lawmakers handled this. >> right, i think delaying it isn't a solution and a solution is someone has to give up something at some point and the politics right now sore heavy handed that i don't feel like in two months we'll come away with something people will be happy with. like me i'm a teacher in l.a. and politicians should be working for, they're so far removed from their own little worlds, it's not going to have a positive impact. i don't think anything is going to happen in two months. i wouldn't be surprised if we saw another delay. >> reporter: how much do you think they've been playing with the economy holding it hostage and how much has really changed? >> you're exactly right. they're just holding different areas of american's lives hostage, be it the economy, health
leaders who cut this deal call it imperfect and many members of congress on the floor today, democrat and republican, cannot have agreed more. >> a new year's deal for new year's day or groundhog day. like the movie groundhog day, this government in two months will arrive at another crisis of debt, of spending and taxes. our debt-based economics system with its exponential growth of debt due to compounded interest consigns us to massive unemployment, threats to the social safety net, a deteriorated infrastructure, a psychology of poverty amidst plenty. austerity. congress must regain its full power accorded under the constitution. >> congress is addicted to spending money. maybe congress should join spending anonymous. here's the 12-step plan. one, congress should admit it is addicted to spending someone else's money. two, make a list of the wasteful spending. three, pass a yearly budget and a constitutional balanced budget amendment. four, stop giving money to countries that hate us. five, have the resolve not to spend money we don't have. six, don't contribute to the addiction by ta
the biggest threat to our economy is our congress. let's get right to abc's chief white house correspondent jon karl covering this every step of the way. jon, many angry americans watching all of this. >> reporter: well, david, they just blew it. it is now clear that congress will fail to pass by midnight tonight something to prevent virtually everybody's taxes from going up. they have known for more than a year that tonight was the deadline and they just blew it. the deadline to prevent that massive $600 billion combination of tax hikes and spending cuts will be missed. but the scramble continues. to try to get a deal done and passed over the next day or two, that would put the tax cuts, at least, back in place retro actively. and today, they sure seemed close to a deal. >> i can report that we've reached an agreement on all of the tax -- the tax issue. >> reporter: and even though the deal was not finalized, the president seemed to take a victory lap today at the white house. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the
. i think that is a modest goal that we can accomplish. democrats and republicans in congress have to get this done tut they're not there yet. they are close. tut they're not there yet. one thing we can count on with respect to this congress is that if there's even one second left before you have to do what tou're supposed to do, they will use that last second. >> reporter: the president appears willing and congress arpears prepared to go along with an idea of using time it havsn't really have. but after securing an extension of jobless benefits and tax thedits for low-income and poor working families, the president fhinks congress and more importantly the country can live with one day of cliff diving but not many more. >> major garrett, thank you. thl of this uncertainty is not sitting well with business owners. it's tough to run a company when you have no idea what's going to happen in washington. lee cowan has that part of the story. >> reporter: joanne is running the numbers. her payroll is due this week. although she at least now has a ozen of what taxes to withhold from her d
, a bigger deal, a grand bargain but with this congress that was a little too much to hope for at this time. >> you heard it for yourself. the president antagonizing and in sust insulting republicans. and then there was this. >> that reform has to go hand in hand with reforming our tax code so that wealthy individuals and the biggest corporations can't take advantage to deductions to those standing up here that aren't available to most americans. >> that was the first time that the public has heard the president say that he wants to raise taxes next year. >> let's pass the tax relief portion now, let's take what has been agreed to and get moving and we will continue to work on finding smarter ways to cut spending but let's not let that hold up the tax hike that will take place in ten hours. >> i want to give a kudos to senator biden. good for him and good for mcconnell. good evening. this is the kudlow report. now there still may be a vote in the senate tonight. the breaking news story devel developing on a minute by minute basis. let's bring in john who has been doing a brilliant job. good
the alternative minimum tax threshold, basically the amt is something that congress patches preventing tens of millions of middle-class americans from having to pay. this just permanently extends that can also extending business tax credits like research and development. that is kind of a look at what this proposal is. no guarantees yet on when we will get a vote, if it will get a vote, or if house republicans will try to change it. we will also hear from house democrats after they're meeting with the president. cheryl: when we do see the democrats, we are going to take that press conference, but i want to ask you, all of this, the timing is crucial. wall street is to know what to expect. is it at all possible that they could put this to tomorrow happen at noon on january 3rd, it but have to pass all over again. this is something we are dealing with as far as the time horizon. they have to get something done in next couple of days before it up in this entire deal. cheryl: you mentioned the new congress coming in. of what point are we going to hear the debate about the debt ceiling. obviousl
, it will be a subject of campaigns for many of these members of congress in the future when they are up for reelection. but this represents a significant breakthrough after so much difficulty. much of the credit will probably go to mitch mcconnell and vice president joe biden. and along with their key advisers and senior staffers being able to bridge this divide, with considerable outside pressure knowing that fiscal cliff is supposed to take effect at midnight. again, it still must be voted on. a deal does not make law. it's just a first step. but it's a very meaningful breakthrough. >> kelly o'donnell, thank you so much. kristen welker is at the white house. she joins us live now. kristen, what is the word coming from the white house right now with the vice president on his way over to capitol hill to speak there in just a few minutes now? >> well, the white house not yet commenting on this deal that is coming to fruition. but they have confirmed that the vice president is heading over to the hill. and they have been saying all night that he is prepared to go over to the hill once negotiations reach
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